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Mortgage Banking and Servicing Rights
 12 Months Ended
Dec. 31, 2022
Mortgage Servicing Rights [Abstract]  
Mortgage Banking and Servicing Rights

Note 7: Mortgage Banking and Servicing Rights

 

Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balance of mortgage loans serviced for others approximated $1.4 billion and $1.4 billion at December 31, 2022 and 2021, respectively. Contractually specified servicing fees of approximately $3.2 million and $3.1 million were included in mortgage loan servicing fees in the consolidated income statement for the years ended December 31, 2022 and 2021, respectively.

 

The following table summarizes mortgage servicing rights capitalized and related amortization, along with activity in the related valuation allowance at December 31:

 

($ in thousands)  2022   2021 
         
Carrying amount, beginning of year  $    12,034   $    7,759 
Mortgage servicing rights capitalized during the year   1,939    4,724 
Mortgage servicing rights amortization during the year   (1,749)   (3,885)
Net change in valuation allowance   1,279    3,436 
Carrying amount, end of year  $13,503   $12,034 
           
Valuation allowance:          
Beginning of year  $1,456   $4,892 
Increase (reduction)   (1,279)   (3,436)
           
End of year  $177   $1,456 
           
Fair value, beginning of period  $12,629   $7,759 
Fair value, end of period  $15,754   $12,629